German Chancellor Angela Merkel Despite Beijing’s outright refusal to join the EU and US-sponsored unilateral sanctions on Iran’s oil industry, German Chancellor Angela Merkel has arranged a visit to China to convince the country to reduce Iranian oil import. A German government source told a news briefing on Tuesday that “It is in German interests that China does not raise its imports... 

Energy experts believe the new US sanctions on Iran could lead to a major hike in crude oil prices. South Korea has announced that it will buy around 10 percent of its needed crude from Iran in 2012, which will be slightly higher than last year. Seoul’s demand for more Iranian oil follows the approval of a new act by the US Senate for imposing tougher sanctions on Iran’s financial and energy...